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Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. [15] Strategic management is often described as involving two major processes: formulation and implementation of strategy.
In other words, the business strategy must be translated into a set of clear short-term operating objectives (activities and outcomes) in order to execute the strategy. Key issues, elements, and needs of strategy must be translated into objectives, action plans, and “scorecards” and this translation is an integral and vital part of the ...
However, sometimes it is hard for other firms to get access to the resources and imitate the innovative company's strategy. As a result, innovative companies that implement strategies based on costly-to-imitate and valuable resources can gain long-term competitive advantage. [4]
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Objectives, goals, strategies and measures (OGSM) is a goal setting and action plan framework used in strategic planning. It is used by organizations, departments, teams and sometimes program managers to define and track measurable goals and actions to achieve an objective.
Identifying new opportunities and implementing an effective strategy based on insights is assumed to potentially provide businesses with a competitive market advantage and long-term stability, and help them take strategic decisions. [2] Business intelligence can be used by enterprises to support a wide range of business decisions ranging from ...
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Although strategic control is a general management topic rather than a prescriptive tool, its reliance on feedback on organisational performance has resulted in a long association with performance management tools such as the balanced scorecard and its derivatives such as the Performance Prism, and with related strategy implementation / execution frameworks such as the ACME framework, [15] the ...